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February 22, 2023
Bitcoin Cash is sharply lower after losing $4.94, declining as low as $140.24.
Bitcoin Cash made an initial break below its 5 day Simple Moving Average at $139.31, a possible indication of a forthcoming negative trend. Bitcoin Cash's upper Bollinger Band® is at $145.71 which indicates a further downward move may follow. On the other hand, note that Bitcoin Cash could begin to recover as it approaches significant support, now 11 cents away from $140.34. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Bitcoin Cash.
In the meantime, negative performances are also seen in other markets, after ending today's session at $24.96, Solana lost $1.38 and is trading around $23.58.
Other assets are showing positive performances as FTX Token jumps 9.54% to trade around $1.36. Tezos USD is up 6.75%.
BCH has managed to gain 45.57% so far this year despite trading at lows around $88.95 previously. BCH has a market cap of 2.71 billion with an average daily volume of 150.47 million.
